AUGUST 2025BUSINESSMANAGEMENTREVIEW.COM8Through this article Eylul Pierce emphasizes the crucial role of in-depth customer research for midsize banks to thrive in the increasingly competitive financial landscape, highlighting the value of tools like personas and customer journey maps in translating research into empathetic product design, ultimately building trust and loyalty by addressing both the practical and emotional needs of customers. The banking industry is transforming rapidly, driven by digital adoption, evolving customer expectations and increasing competition from FinTech's. With banking services now offered by more than just traditional banks, the market has grown increasingly complex. While large institutions rely on their extensive resources to adapt, midsize banks face unique challenges due to their limited resources and narrower product offerings. However, this also presents an opportunity to stand out by focusing deeply on understanding their customers and delivering tailored solutions.To succeed in this environment, midsize banks must prioritize thorough research that goes beyond surface-level data. True differentiation comes from seeing the whole picture. Combining quantitative data, such as transaction patterns, with qualitative insights, like customer motivations and frustrations. My experience in data analytics and market research has shown that this holistic approach is critical for carving out a niche, building trust and delivering meaningful, customer-focused solutions in a competitive landscape.THE ROLE OF RESEARCH IN BANKINGUnlike large institutions that aim for broad, mass-market audiences, midsize banks have the opportunity to focus on specific niches. Through targeted research, they can identify unique customer needs, shared values, or emerging market gaps to address.For example, behavioral data might reveal a growing segment of gig workers make up a significant portion of a midsize bank's customer base. Similarly, qualitative insights could highlight concerns among older customers, such as fear of fraud or difficulty navigating digital platforms, which might be preventing them from fully adopting mobile banking.By focusing on these specific groups, midsize banks can position themselves as trusted partners that provide solutions tailored to their customers' unique needs. This targeted approach not only helps build loyalty but also creates competitive differentiation that larger banks may struggle to replicate.SEEING THE WHOLE PICTURE: THE HOLISTIC APPROACH TO RESEARCHData alone only tells part of the story. Quantitative metrics, such as transaction histories and app usage patterns, reveal what customers are doing but not why they're doing it. That's where qualitative research such as interviews, focus groups and surveys becomes essential. It helps uncover motivations, frustrations and unmet needs that are often hidden in the numbers.By combining quantitative and qualitative research, midsize banks can uncover pain points and anticipate emerging trends. For instance, research might reveal that a confusing loan application process is causing customers to abandon it midway or that there's increasing demand for tools like financial literacy modules among younger generations. This holistic approach doesn't just provide insights. It embeds empathy into product design, addressing both practical and emotional customer needs such as trust, convenience and security.TURNING RESEARCH INTO PRODUCT DESIGNResearch is an integral part of product design, providing the insights needed to create tailored products that address specific customer needs. For midsize banks, leveraging tools like personas and customer journey maps is essential By Eylul Pierce, AVP, Digital Product Manager II, Tri Counties BankHOW MIDSIZE BANKS CAN THRIVE THROUGH RESEARCH AND PRODUCT DESIGN IN THE DIGITAL TRANSFORMATION ERAEylul Pierce
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